Thermograms are curves resulting from thermal analysis and are of great interest in the study of various food and biological products physical properties. A method to separate underlying peaks is proposed, and statistical properties of estimates for some characteristic parameters are derived. The total number of peaks can be estimated with a sequential analysis of the residual plots. For each new peak, a statistical criterion is proposed to check whether it is significantly different from the noise of the recording. As an example, the method is applied to a summer milk fat fusion thermogram.